Sirius Satellite Radio Inc. chief Mel Karmazin said today at the Bear Stearns Cos. investor conference in Florida that he is hopeful that regulators will rule in favor of the merger with XM Satellite Radio Holdings Inc.
"If there were a problem with the merger, it wouldn't take the DOJ this long to figure it out," Karmazin said at the conference. "It's just an easy call. They should have made this decision a while ago."
Karmazin also said that the he "took heart" in recent comments by FCC Chairman Kevin Martin who indicated that he aimed to rule on the deal by the end of March.
In addition, according to Bear Stearns which issued a recap of the the Sirius CEO's comments this morning, the decision is not a complicated one for the DOJ, in Karmazin's view.
The Sirius chief added that if the DOJ believed that the market was limited to satellite radio, they would have long ago denied the merger. He also pointed to the recent DirecTV-Liberty transaction, where the FCC and DOJ announced their decisions simultaneously.
Also, while the DOJ has been virtually silent for some time now, Karmazin stated that the momentum has picked up at the FCC. As a result, he feels it is likely that the two agencies may announce the decision at around the same time.
[More on Reuters, Fortune]
Thanks Doug!
Obliviously Mel, there is a problem with it Mel since they have taken so long on a ruling.
The only "problem" is that the NAB and terrestrial radio spent a year trying to block the merger...and now that it looks like it'll be approved, they are trying to force concessions on the merger.
Problem??? yea, it's called the NAB and Georgetown Partners. Etc.
Look for an approval, by the FCC but then a lawsuit by the DOJ.
That picture is just screaming for a caption .
It amazes me that the market goes up on comments like that. What do they expect him to say, that he doesn't think it will get approved. Personally, I think it will get approved (with conditions that will water it down). I just don't see how this is the kind of news that drives a stock up.
Jon
The majority of people have rightfully believed that this deal would have been shot down a while ago if the anti-trust issue was as cut and dried as the opposers have said. Kevin Martin has explained that they have been "coordinating" with the DOJ. Taking the chairman at his word, it would be nonsensical and ridiculous for the FCC to approve the merger only to be challenged by the DOJ. FCC will approve with reasonable conditions and the DOJ will not challenge, thus saving the DOJ from establishing a precedential case. No challenge=No precedent! In order to get a consent decree from the DOJ which is basically like a settlement in a lawsuit, the DOJ would still have to file a formal challenge which would create precedent and that is what they want to avoid, thus allowing the FCC to do the dirty work!
Joe:
You nailed it buddy. That is what I have been saying for months. Shoot, this thing is taking so long becasue everyone involved is a politician in one respect or another and no matter what they decide it is going to be controversial. They are going to approve and they are going to cover their butts with the defense of "look how closely this was examined"
>>>> >No challenge=No precedent! In order to get a consent decree from the DOJ which is basically like a settlement in a lawsuit, the DOJ would still have to file a formal challenge which would create precedent and that is what they want to avoid, thus allowing the FCC to do the dirty work!
This seems like a plausible scenario under which DOJ could basically approve the merger without having to face the music.
It's amazing how much Mel looks like Gary Del'Abate in that photograph.
WOW.
Look at those fresh, young faces IFO the Sirius logo.....
Just more bovine excreta dispensed for investors in an attempt to keep them from losing interest. Another song and dance for Wall Street.
mel is the biggest money whore, think lee abrams wants to work with those two bbiiiiiitches,i dont think so what mel knows about programming you could shove up a gorillas ass and the comparison would be a bb in a boxcar, mel you suck go back to viacom you scum bucket.
thank you sir may i have another please